The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes GASB’s compensated absence guidance from the 90s based on the changes to compensated absences offered since the guidance was introduced.

Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the first episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, give an overview of GASB 101 and Cherry Bekaert’s first phase of implementation. The first phase focuses on understanding the pronouncement and its various components.

Tune in to learn more about:

• How a compensated absence is defined in GASB 101
• How a government new to the GASB 101 pronouncement can determine if they’re likely to have a change in liability balance
• Where governments may see a big change in their liability balance
• Why it’s important for a government’s team to have training before starting with GASB 101 implementation
• The Firm’s use of customized training when assisting a government’s implementation team

Subscribe and stay tuned for the other three phases of this mini-series. In the next episode, we will cover phase two, which delves into ensuring completeness and identifying compensated absences. Phase three involves updating policies and procedures and documenting the implementation to facilitate a smooth audit. The final phase addresses journal entries, disclosures, and ongoing training to ensure continued compliance and effective application.

Do You Need Assistance with GASB 101?

Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who solely provide governmental accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Insights:

PODCAST: Navigating GASB 101: Compensated Absences

ARTICLE: Navigating GASB 101: Compensated Absences Update

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The American Rescue Plan Act (ARPA) of 2021 was signed into law by President Joe Biden on March 11, 2021. ARPA is a $1.9 trillion economic stimulus package. The State and Local Fiscal Recovery Funds (SLFRF) is a significant component of the ARPA. The SLFRF allocates $350 billion to state, local, territorial, and tribal governments. The purpose of these funds is to provide governments with the resources needed to respond to the pandemic, replace lost revenue, and support economic recovery.

Grant Management Solutions Lead and Advisory Manager Kat Kizior and co-host and Grants Management Senior Associate Paula Heller join forces to address the upcoming ARPA SLFRF obligation deadline on December 31, 2024. Kat and Paula focus on what can and cannot be done at the last minute to obligate funds that are compliant with ARPA’s Final Rule and Obligation Interim Final Rule (IFR). As part of Cherry Bekaert’s GPS Grants Management podcast series, this episode covers:

• The definition of “obligation” as stated in the Interim IFR and the exploration of what it is not
• The usage of estimates for legal, admin, staff and indirect costs through 2026
• The way to determine if you have any unobligated funds
• Methods for obligating that are achievable is the short timeline left

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

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In the field of grants management, staffing transitions often lead to a high-risk environment for compliance violations, operations disruption, and heightened stress levels in organizations already stretched thin. Nevertheless, as explored in this podcast, these transitions and the accompanying challenges are common issues many organizations face for various reasons.

Grant Management Manager Kat Kizior and new co-host and Grants Management Senior Associate Paula Heller join forces to respond to listeners’ questions concerning their staffing challenges. With Manager Kimberly Konczak serving as moderator, Kat and Paula provide guidance that will help listeners stay compliant during change.

• As part of Cherry Bekaert’s GPS Grants Management podcast series, this episode covers:
• Investigating high turnover rates with grants managers and possible solutions
• Covering the workload equitably while a position is vacant
• Building a grant management team with adequate staffing structure and compensation
• Networking to find highly qualified grant managers
• Promoting from within to develop a grants management team
• Examining the relationship between federal funding and the grants management profession

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

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Following the recent natural disaster, we paused our scheduled programming to provide our viewers with key information on Federal Emergency Management Agency (FEMA) assistance for recovery. This podcast provides essential details on deadlines, the application process for the FEMA Public Assistance Program and what to expect after applying.

Kat Kizior, Grant Management Manager, and new co-host Paula Heller, Grants Management Senior Associate, join forces to address FEMA grant funding possibilities for all those affected by unexpected, devastating acts of nature.

The information in this podcast is applicable for any natural disaster where the president approves a major disaster declaration. Kat and Paula focus on Hurricane Helene and discuss navigating the FEMA Public Assistance process in the wake of the recent storm.

As part of Cherry Bekaert’s GPS Grants Management podcast series, this episode covers:

• The challenges and realities people face after a natural disaster
• How FEMA is funded and how funds flow from FEMA to applicants
• The types of funding available for individuals and public entities
• Categories for eligible expenses that can be covered by FEMA
• Deadlines and processes, particularly in the first 30 and 60 days

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

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In the fifth episode of the grants management podcast series, we focus on grants compliance and the benefit of using automation for tracking and reporting.

Host Kimberly Konczack, an Advisory Manager at Cherry Bekaert, is joined by Kat Kizior, Manager, and special guest Emily Naufel, Director of Customer Success at AmpliFund. Together, they discuss the benefits of automation and tips for organizations interested in making the switch. As part of Cherry Bekaert’s GPS podcast series, this episode covers:

• Benefits of making the switch from Excel spreadsheets to automation
• How organizations are handling a large influx of grant funding
• Ways organizations are staying compliant without using workflow automation
• How AmpliFund can help entities struggling with grant tracking, reporting and compliance
• Ways workflow automation is more effective than Excel in ensuring accurate, timely reporting
• How an entity decides the best workflow solution for its needs

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources

• Podcast: Budget for Success—How to Build a Successful Grant Budget
• Podcast: Justify Your Spending— Grant Expenditures
• Podcast: Update—2024 Uniform Guidance
• Podcast: The True Cost of Your Grant – The More You Know, The More You Win
• Article: Determining Your True Cost for Full Cost Recovery
• Webinar recording: The True Cost of Grants and How to Maximize Your Cost Recovery – A CPE Webinar Recording

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Episode four of the Grants Management Podcast series focuses on indirect costs related to grant projects and the importance of capturing those costs to assist your organization with grant-related personnel and overhead expenses.

This podcast episode is hosted by Kimberly Konczack, an Advisory Manager at Cherry Bekaert, and Kat Kizior, Manager, with special guest Nikky Lettini, Managing Director, Advisory Services.

As part of Cherry Bekaert’s GPS podcast series, this episode covers:

• An explanation of indirect costs
• Definitions of indirect cost rate and cost allocation
• The importance of using indirect costs to recover administrative expenses
• The advantages of indirect cost reimbursement when receiving a grant award
• Who can receive an indirect cost rate and how long it takes
• The types of guidance for indirect costs

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success so your organization can maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources

• Podcast: Budget for Success—How to Build a Successful Grant Budget
• Podcast: Justify Your Spending— Grant Expenditures
• Podcast: Update—2024 Uniform Guidance
• Article: Determining Your True Cost for Full Cost Recovery
• Webinar Recording: The True Cost of Grants and How to Maximize Your Cost Recovery – A CPE Webinar Recording

View All Podcasts in this Series

Podcast host Danny Martinez, Managing Director and Government & Public Sector Accounting Advisory Lead, is joined by Lauren Strope, Partner, and Jack McKee, Advisory Senior Manager to recap and reflect on their time at the 118th Government Finance Officers Association (GFOA) National Conference. Held in Orlando, FL, the conference had over 7,000 attendees, with 50 states represented and chances for continuing professional education (CPE), networking and learning.

Listen to this episode to hear about:

• Our team’s favorite parts of GFOA’s 118th Annual Conference
  • Lessons learned
• Networking opportunities and key takeaways

As mentioned in this episode, the 2024 Cherry Bekaert Government & Public Sector Virtual Conference will take place on Wednesday, August 7 and Thursday, August 8. Click here to register.

Related Content:

• Article: GASB 101: Compensated Absences Update
• Podcast: Navigating GASB 101: Compensated Absences

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Cherry Bekaert’s Advisory Leader, Srikant Sastry, is joined by journalist Richard Greene and his wife, Catherine Barrett, as they discuss the openness driver of the Organization for Economic Co-operation and Development’s (OCED) Trust in Government Framework.

Richard Greene is a prominent journalist who has spent the better part of the past 30 years covering state and local governments. It is often said that trust and confidence in government is strongest at the local level because that’s where government is closest – and most responsive. However, trust in government has been on the decline for decades. Greene has recently contributed articles to digital publication Route Fifty that explore why trust in state and local government has fallen and clear ways to reverse the trend.

• The third in our mini-series covering the five pillars of trust, this episode covers:
• Trends in state and local government
• What motivated Greene to write articles for Route Fifty
• The importance of trust in government
• Differences in what causes trust at the state and local government level
• How the pandemic influenced perceptions of trust in government
• If the government is doing enough to ensure citizens’ confidence in them
• What specific practices can reverse a declining trend in trust in government
• Who we should be watching to gauge the success of efforts to restore trust in government
• Recommendations to public leader aiming to enhance trust in their respective government institutions

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

• Article: Explaining and Exploring the Drivers of Trust in Government

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